Home prices have risen sharply since before the COVID-19 pandemic, with an average price now at $442,500, primarily due to tight inventory. Many homeowners with low mortgage rates hesitate to sell, contributing to the supply constraints. A recent study identified Detroit as the best city for home affordability, where residents can potentially save for a home in 2.6 years. Despite its affordability, Detroit's socioeconomic struggles are highlighted by a high poverty rate and a declining population, revealing deeper issues underlying its housing market.
Markets with lower living costs give residents more room to save, while high-income areas see strong salaries balancing out steeper housing prices.
Detroit's poverty rate is 31.2% and median household income is $39,575, about half the nationwide figure.
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